Merely a day after taking a major stake in the company, Tesla (NASDAQ: TSLA) CEO Elon Musk will now join Twitter’s (NYSE: TWTR) board of directors, with promises to make “significant improvements” to the social media platform.
According to an 8-K filing published with the SEC, Musk will serve as a Class II director at Twitter until 2024, and he cannot own more than 14.9% of the social media company during his term. The latest news come one day after the SEC revealed Musk bought 73,486,938 shares of Twitter, amounting to a 9.2% passive stake in the company valued at around $2.89 billion.
The major purchase comes several weeks after the Tesla CEO criticized Twitter for overreaching censorship, and rhetorically prompting his audience of more than 80 million followers to devise suggestions to make the platform more free speech-friendly.
Information for this briefing was found via the SEC. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.